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Owner financing can be a good option for buyers who don't qualify for a traditional mortgage. For sellers, owner financing provides a faster way to close because buyers can skip the lengthy mortgage process.
To qualify for low mobile home interest rates, make sure your credit score is at least 700. You'll need a score of 750 or higher to qualify for the best rates available.
Best Overall: Manufactured Nationwide. Best for Good Credit: ManufacturedHome.Loan. Best for Bad Credit: 21st Mortgage Corporation. Best for Low Down Payment: eLend. Best for Manufacturer's Financing: Vanderbilt Mortgage and Finance.
Mobile homes are far cheaper than traditional homes, so you may be able to finance your purchase through a personal loan. Personal loans are flexible loans you can use for almost any purpose. However, personal loan interest rates tend to be higher than those of other types of loans, such as mortgages or auto loans.
Financing is challenging for any homeowner, and that's especially true when it comes to mobile homes and some manufactured homes. These loans aren't as plentiful as standard home loans, but they are available from several sources and government-backed loan programs can make it easier to qualify and keep costs low.
Advantages of buying an owner-financed home In a seller-financed transaction there are no closing costs such as loan origination fees, discount points and mortgage insurance premiums. Because you won't have to wait for bank approvals, closing can happen much quicker than with traditional financing.
With owner financing (aka seller financing), the seller doesn't hand over any money to the buyer as a mortgage lender would. Instead, the seller extends enough credit to the buyer to cover the purchase price of the home, less any down payment. Then, the buyer makes regular payments until the amount is paid in full.
Why are Loans for Manufactured Homes so Difficult to Find?This is due to the fact that some manufactured homes may age more quickly than their site-built counterparts. It can also be because manufactured homes may not be as profitable as other types of home construction for certain lenders.
If your manufactured house is classified as real property, you may be able to finance it with a mortgage. Typically, it has to be built after 1976 (see explanation below). The loans work almost exactly the same as financing for traditional stick-built houses.